Real estate conveyancing involves the legal transfer of the ownership of a property from one party to another. If you are buying, selling or refinancing a property in Richmond, British Colombia, having an experienced conveyancing lawyer will help to make the process run smoothly.
The financial institution and the realtor
Early on in the transaction when obtaining a loan to buy a property, you will likely meet with your lender or mortgage broker to determine the amount of money you will be qualified to borrow. In selecting a property, your realtor plays an equally important role in guiding you on the best price for which to sell or buy the property.
Once your realtor has found a property for you to purchase, or an ideal buyer for a home you are trying to sell, a purchase contract will be drafted. It will include the property details, price, and transaction dates for all parties involved in the purchase, along with other terms and conditions or even subject clauses.
Buyers should be discussing the mortgage with the lender as soon as possible, preferably to obtain a mortgage commitment or pre-approval with the bank. This is a promise from the financial institution to lend money to the buyer for the purchase of the property as long as certain conditions are met.
Your conveyancing lawyer and the conveyancing process
Once your contract is binding and completed, you should forward the contract to your conveyancing lawyer. Your conveyancing lawyer will review it along with the title search to ensure that all legal requirements to effect the transfer are in order. This is known as the due diligence process. The title of the property is reviewed to confirm that its details and those of the registered owner are accurate. Your conveyancing lawyer will also ensure that all related financial and legal obligations are settled as part of the closing. These obligations may include removing liens, caveats, paying off property taxes, strata fees, mortgages, arrears and dealing with charges on the title. Your lawyer will also work with your lender to take care of any mortgages you may be getting or discharging as part of the transaction.
Once all the pre-transaction processes have been reviewed, the documents will be prepared for both the seller and the buyer to sign.
These documents are reviewed and explained and all questions addressed before the closing date or during the signing. After the documents are signed by both parties, they are again reviewed by their respective conveyancing lawyers. A title search is then conducted again right before the registration to ensure everything is acceptable for filing to the land title office.
When the mortgage funds are released by the financial institution and deposited to the buyer’s lawyer in trust on the completion date, the buyer’s lawyer will conduct a final check to ensure all documents required for registration are in place, before releasing the funds to the seller’s lawyer in trust to pay off the necessary charges or arrears as necessary. The keys to the property are then exchanged by the realtors on the agreed possession date set out in the Contract. Your conveyancing lawyer will prepare a final report on the transfer of the property and order a State of Title Certificate for purchasers which will be received approximately 4-8 weeks after closing.
Bernard Lau and Co. Law Corporation
Bernard Lau and Co. is a boutique law firm delivering efficient legal services.
The firm is equipped with a team of reputable, experienced and diverse legal professionals ready to guide you through your real estate conveyancing process. If you are seeking a law firm in Richmond, BC to assist you with your real estate transaction, please schedule an appointment or call us at 604-285-5240.
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